Some people choose to take this road of a point in their life when they need to make changes. You may have just had children and need to create some spare time. Perhaps you’re tired of the daily commute, and wish to work from home in more relaxed surroundings. Potentially, you’ve spotted a gap in the marketplace; a niche you can exploit to generate yourself a profitable business.

However, for many entering the world of business for the first time there will be problems. Self-employment, though liberating, brings its own set of trials and tribulations. Without the security of monthly pay cheque, the responsibility to grow and develop your business can weigh heavily on your shoulders. Alongside this responsibility are a host of other financial and legal issues with which you will need to become familiar with. As a sole operator, the responsibility is all yours to generate new business, keep existing clients happy and managing cash flow and financial affairs. The last thing that any new business needs is to be the subject of litigation, so it’s vitally important to ensure that you are covered for both legal help and compensation should you run into problems.

If you will be employing others it is a legal requirement to have employee liability insurance. This will cover you in the event of accident or damage to property by one of your employees or if they injure themselves.

If through your business you have interactions with the general public then you are exposing yourself to compensation claims. Though not a legal requirement, public liability insurance is something that all new businesses should consider. There are two situations in which it might be essential. Firstly, a member of the public may injure themselves on your premises, as a result of a mistake you have made. This can be as simple as leaving a tool for someone to trip over. In the event of such an accident, the injured party can seek damages for pain and suffering, loss of earnings and the cost of any future medical care.

Public liability insurance will also cover you should you damage a client’s property. The classic example here would be spilling a coffee into a computer at a client’s office and wiping costly data. They will have the right to seek damages from you, and public liability insurance will come into play to deal with the situation.

Most policies will also include legal help to allow you to contest the claim, and also cover the cost of compensation. Business insurance is an essential element to the running of a modern workplace and should not be overlooked, especially by those entering the world of business for the first time.

photo credit: jfcherry

Much like all insurance policies, Public Liability Insurance is something which should be considered very thoroughly. There is nothing worse than spending money on something which you do not need, but there is also nothing worse than regretting not spending money on something you DO need. The most effective way to consider this is to look for your Public Liability Insurance online. That way you can easily compare various insurers and what they can offer you, as well as gathering a few quotes at a time.

The first thing to consider before looking for your Public Liability Insurance Online is whether you could actually benefit from public liability insurance. One of the more important things to remember is that it works on a claim basis; this means that the insurance will only be able to be relied upon if the claim is made during the time of the policy. So for example, if the incident occurs when you have insurance, but the claim does not then you will not be covered for the legal costs and other aspects that public liability insurance covers.

Another thing to consider is the type of work that you do. Public liability insurance will essentially cover you if you are faced with a court situation, in which you are being sued by someone who has relied on your professional expertise and has suffered as a result of your negligence or mistake on those grounds. Obviously this means if you are not in a profession where you are providing advice or professional expertise then there is no need for you to get public liability insurance. If, however, you are working as a doctor or a lawyer then it is something which you should definitely consider. It may help cover legal costs and other court related financial drains which you may not otherwise be able to afford.

Obtain Public Liability Insurance online from www.specialistrisks.co.uk

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In the UK, it is compulsory for most businesses to have employers’ liability insurance that provides cover for injury or disease caused to their workers by their employment.

However, there are some exemptions to employers’ liability insurance, which was introduced by an Act of Parliament in 1969 and is designed to provide health and safety protection to people at work.

Most public organisations – such as government departments and agencies, local authorities and police authorities – are not required to have liability insurance. And nor are National Health Service trusts, health authorities, PCTs or health boards in Scotland.

Other bodies funded through the public purse, including passenger transport executive and magistrates’ courts committees, are also exempt from the law.

More importantly for anyone in business, or looking to establish a business, is that family firms fall under the employers’ liability insurance exemptions. Everyone employed in the family business must be closely related to the owner – husband, wife, civil partner, father, mother, son, daughter, stepchildren, half-siblings etc. However, this exemption does not apply to family businesses that are also incorporated as limited companies.

An exemption from employers’ liability insurance also applies to companies that employ only their owner but in such a situation, the owner must also own a minimum of 50% of any issued share capital in the company.

For companies that are obliged to have employers’ liability insurance, there are some exemptions within the law – for example, if any of your employees are based abroad, perhaps on secondment, you will not be required to have insurance for them.

The law also only applies to those who have a contract of employment with your company, whether verbal, written or implied. For example, you will be exempt from employers’ liability insurance for those who do not work exclusively for you or where you do not deduct tax or national insurance.

It is important to check with the Health and Safety Executive to confirm if your business is required to have this compulsory cover or if your company is one with an exemption from public liability insurance.

Brought to you by Sepcialist Risks. Why not visit us for further information and quotes for employers liability insurance from a range of top providers.

Employers’ liability insurance is an essential product for any business that has one or more employees. It provides valuable financial backup in the event that an employee made a claim against the business, perhaps because of injury or illness as a result of their work, and ensures that the company isn’t wholly financially responsible for the claim.

Why do you need this type of protection?

The basic reason for needing this type of insurance policy is that it’s a legal requirement. According to the Employers’ Liability (Compulsory Insurance) Act 1969, a business is required by law to have at least the minimum level of insurance cover to be prepared for any claims that are made – you’re wholly responsible for the health and safety of any employees while they’re at work, and if they were to be injured or became ill as a result of your employment they’re entitled to sue for compensation.

But, keeping within the law isn’t the only reason that you should invest in this type of cover – it also makes sound business sense to be prepared. Not only will you be fined if you don’t have the right level of cover in place but any compensation claims could be devastating for your business – costs can quickly add up and depending on the severity of the case you could be expected to pay large amounts of compensation, but if you’ve got the right level of cover you won’t have to pay these claims out of your own pocket. It can be invaluable to any business, particularly those deemed hazardous where claims would be more likely, because it’s always best to be prepared for anything that could come your way.

Find the policy that you need

It’s essential that any business is able to find the perfect policy to meet their exact requirements, and that all comes down to research. Luckily, this needn’t be that difficult – if you head online you’ll have easy access to all the available options, and you’ll soon be able to narrow down the choices based on your individual criteria. It’s essential you’ve got a policy that offers the right level of protection at the right price, and if you spend the time to look you’ll soon find something that can accommodate.

What will your policy cover?

There are plenty of things that your policy needs to cover, and at the very basic end of the scale you need to make sure you look for cover of at least £5million. This is the legal minimum although it’s often best to look for higher levels of protection depending on your business needs, because with employers’ liability claims often being expensive it makes sense to be prepared.

It’s important to remember that your employers liability insurance policy needs to cover every possible eventuality, because even the most trivial of accidents such as an employee tripping over a computer wire could trigger a claim. You need to make sure that everyone in your employment is covered, including voluntary or contract staff members, and these days you’ll want to be fully prepared with cover for injuries caused by terrorism often being a vital part of any policy. Businesses of all kinds need to make sure that they’re properly insured – in fact, the only type of business that won’t have to consider it is a family-run outfit where employees are closely related, but for all other companies it’s essential to be protected.

Points to remember

There are plenty of things you’ll need to remember when it comes to this type of insurance, and it’s vital you’ve got a thorough overview to ensure you know what you’re doing and that you’ve got the necessary level of protection. Here’s a quick overview of the points you’ll need to bear in mind to ensure you’re ready for anything:

• You don’t have to get this as a stand-alone policy. Many insurers will let you incorporate it into your current business insurance and public liability package to reduce costs and ensure efficiency.
• Always remember that this type of insurance is a legal requirement and failing to invest in cover of at least £5million (preferably £10million) can have severe consequences, and you could be asked to pay a fine of £2,500 for each day you don’t have it.
• It isn’t just regular employees that you need to consider – part-time workers, voluntary staff, temporary employees and even self-employed individuals working under your supervision could all make a claim against you should accidents or injuries occur.
• Claims can be incredibly damaging and could have a severe impact on the finances of the company, so it makes sound financial sense to ensure you’re fully protected.
• Always compare quotes to ensure you’re getting the best deal, and make sure to check the small print for added peace of mind and to ensure full coverage.
• It’s essential to keep a thorough record of all documentation related to your policy, even if it’s expired – if an employee were to become ill as a result of working for you then they’ll still be entitled to make a claim, even if the illness didn’t manifest until long after they’d left your employment, so keeping all the necessary details on file is vital.
• Always make sure that you provide your insurance company with accurate information, especially if you employ both clerical and manual workers – you need to give accurate numbers of each employee type to ensure full protection.
• With “no win no fee” legal services being on the rise there’s a good chance that employee compensation claims will become more prevalent, so it’s more important than ever to be prepared.

Employers’ liability insurance is a vital investment for any business that has employees, not only for legal reasons but also to provide valuable financial recourse if a compensation claim were to be made. Being prepared is vital because accidents can happen in even the most safety-conscious of environments, so don’t run the risk of losing out and always make sure you’re fully covered before you even think of hiring that employee.

photo credit: David Blackwell.

Public liability insurance provides valuable financial support should any compensation claims be bought against your business. It’s there to protect you in the event that you’re held legally responsible for third party property damage or for injury to a customer, client or member of the public, and is a vital consideration because, as much as we like to think otherwise, accidents can and do happen – if your business made a mistake or was negligent in any way the financial consequences could be devastating, but the right level of public liability insurance will help make sure that doesn’t happen.

Tailored cover to suit all businesses

This insurance product can cover a whole range of different incidents and indeed different industries, and the type of protection that you’re looking for will of course depend on the type of business that you run. The minimum level of cover offered is usually £1million but many businesses will be better off with a higher level of protection, particularly larger businesses or those that operate in more hazardous environments, thereby offering added peace of mind for everyone concerned.

There are plenty of things you need to be prepared for when in business and this type of insurance will need to cover them all – customers slipping on a wet floor will often result in a compensation claim being made but there are plenty of other more serious considerations you need to be aware of as well, and that’s why it’s so important to get a tailored quote that suits your individual requirements. It’s vital you’ve got a policy that offers adequate protection for your type of business but you’ll also need to think about more practical considerations, such as choosing an insurance firm that has a 24-hour claims line, and luckily most firms will be able to accommodate your needs – many will build their policy around you and your business, thereby ensuring you’ve got the level of protection necessary in your industry.

Find the insurance policy that meets your needs

Of course, you’re only going to be confident that you’ve got the right policy if you can find the right insurance firm to accommodate, and that all comes down to research. Make sure to head online if you want to stand the best chance of finding a suitable quote because with most reputable insurance firms having a great online presence you’ll soon be able to find a few viable alternatives, and from there you can narrow down the options according to your individual needs to see which one would be right for you. Always make sure to base your search on your precise business circumstances and give as much information to your potential insurance company as possible, and if you head to price comparison sites it could all be over and done with quickly and easily for total convenience.

The importance of comparisons

Comparing the options really is essential when it comes to this type of cover, much like it is with all other kinds of insurance policy. It’s only by taking a proper look at what each quote offers that you can be confident in your choice, and always make sure to start by looking at policy features before you think about anything else. Quality of cover should always come first in a business setting, but when you compare the options you won’t have to spend a fortune to get the cover that you need – with price comparison sites you’ll instantly see which quote would be right for you but you’ll also see where savings can be made, so it pays to look carefully at every quote provided. Opting for the first one that you come across should never be an option because if you keep searching you’ll often be able to find better cover at a better price, so never be too hasty in your decision if you want complete protection.

Essential considerations

There are a number of things you’ll need to bear in mind when looking for this type of insurance, and it’s vital you spend the time to choose your policy wisely if you want to make sure you’re completely protected. You always need to double-check that you’re covered for the right things, particularly if you own a business that would be deemed hazardous – if you work at heights above 10m, for example, you need to make sure that you’ve got this level of protection in place. Always check for any exclusions as well because you don’t want to potentially nullify your claim and always make sure to put your business needs first, even if that means foregoing the cheapest options.

Having the right level of protection is key, and it’s important to remember that many clients will want to see proof of cover before they’ll even think about working with you. This is particularly the case if you work on government contracts (where the minimum level of cover required will often be £5m or even £10million), but it’s just as likely to be the case with smaller ones. Clients need to know that their interests are being taken care of and that they’ll be compensated should things go wrong, so it makes sound business sense to invest in an adequate policy.

But, getting the right level of cover doesn’t have to be time-consuming – not only will heading online make it far simpler, but if you’ve already got some form of business insurance it could be easier still. Many insurance firms will offer public liability insurance as an addition to your current policy, or if you’re starting from scratch you could even extend your cover to include employers’ liability insurance, professional indemnity insurance, legal expenses cover and even tools and equipment cover. It all comes down to your individual circumstances and the type of business you run, but if you spend the time to look and thoroughly discuss your needs with your insurer you’ll soon have the ideal policy to give the peace of mind that you need.

photo credit: paalia